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The global home healthcare market has been forecast to increase at a compound annual growth rate (CAGR) of 6.5% through to 2015, with growth being predominantly fuelled by the increase in the aging population along with technological equipment innovations.
The median age of the global population is steadily increasing. Moreover, in the last few years, there has been an increase in the average life span. Population aging is occurring in both developed and developing countries. This clearly signifies that in coming years the elderly population will form the majority of the world population.
Home healthcare, also referred to as formal or skilled care, is the support and care services that healthcare professionals provide at the patient's own home. These care services include respiratory therapy, home infusion therapy, rehabilitation services, telehealth, unskilled home care, and other services.
The most important healthcare trend witnessed recently is the focus shift of patients from hospitals to home healthcare. The move from treatment to proactive monitoring is also opening up new opportunities for the home healthcare market.
Patients prefer home healthcare to hospitals mainly for the convenience and cost-effectiveness it offers. Third-party home healthcare is also witnessing huge demand due to better treatment quality ensured by trained medical professionals.
About 70% of those using home healthcare services are age 65 and older. In this age group, the most common medical conditions requiring home care are: heart disease, diabetes, and cerebral vascular diseases.
Efforts to contain rising healthcare costs to meet the challenges of an aging population is impacting healthcare delivery, resulting in the consolidation of hospitals, reduction in the average patient length-of-stay, and the reservation of acute care hospital beds for critical patients with life-threatening conditions. The combination of these factors, and the growing role of Medicare and Medicaid services, has given rise to a burgeoning home healthcare market.
For more information on the home healthcare market, see the latest research: Home Healthcare Market
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